$103,977.00
1.32%$2,699.77
9.30%$2.57
3.37%$662.36
1.17%$183.40
6.80%$1.00
0.01%$0.239589
6.11%$0.827996
3.22%$0.271474
1.34%$2,701.42
9.53%$4.03
3.42%$103,670.00
1.20%$17.42
5.61%$3,244.20
9.51%$25.98
6.90%$0.313995
2.27%$0.00001634
5.88%$1.29
14.87%$0.214749
2.61%$25.83
6.80%$3.44
4.11%$412.03
1.67%$8.71
1.37%$5.24
5.07%$103.53
0.93%$2,702.85
9.62%$0.999984
0.01%$342.48
1.47%$2,885.16
9.55%$0.00001435
7.78%$4.82
1.69%$0.999851
-0.08%$1.001
0.01%$103,845.00
1.29%$30.12
-0.12%$7.11
5.08%$459.99
1.49%$3.26
4.59%$6.15
7.28%$237.69
8.97%$1.044
3.56%$54.59
1.15%$0.123405
9.19%$5.95
5.47%$20.82
7.07%$0.103237
3.86%$1.00
0.00%$36.46
6.07%$0.03247993
7.17%$5.33
5.21%$0.8142
2.78%$13.66
6.93%$21.94
0.65%$0.451783
20.44%$5.32
3.76%$0.262771
5.19%$0.886241
9.14%$1.051
-0.00%$3.27
6.49%$0.457847
8.42%$0.248851
5.43%$3.38
9.14%$1.001
-0.37%$1.17
-0.02%$103,731.00
1.94%$0.60521
4.21%$1.30
4.26%$4.37
0.09%$0.00002319
4.57%$4.71
3.79%$2,701.90
9.39%$0.561045
2.93%$1,935.96
9.59%$1.001
3.88%$2,809.76
9.32%$1.002
0.26%$192.68
6.91%$0.905806
12.55%$11.44
0.73%$97.74
2.57%$1.39
5.22%$4.93
7.17%$0.75262
8.33%$13.81
1.88%$0.885969
2.70%$0.262419
2.02%$2.02
3.40%$0.02017998
1.88%$1.29
2.43%$3,063.92
9.40%$0.130395
12.45%$0.075738
2.58%$1.15
1.92%$0.00011411
4.28%$0.998167
-0.25%$103,560.00
1.02%$1.067
8.36%$1.17
10.18%$0.776644
5.71%$0.02324545
7.98%$2,874.53
9.83%$3.44
13.17%$0.02061347
3.99%$237.20
7.21%$662.10
1.15%$0.385876
10.30%$203.28
7.16%$0.999816
-0.08%$0.0139748
3.00%$0.865492
3.78%$103,871.00
1.22%$2,824.07
9.39%$0.999682
-0.03%$0.671558
5.29%$24.88
10.56%$104,611.00
2.21%$0.00000082
2.00%$40.53
2.51%$3,244.68
0.23%$2.46
4.66%$102,861.00
1.05%$0.079134
3.86%$0.253254
7.77%$1.00
0.01%$3,252.60
0.17%$0.819727
8.69%$0.128992
2.60%$2,824.03
9.62%$0.475569
6.41%$0.399314
11.17%$0.728367
-0.07%$0.69751
4.19%$12.73
-2.07%$2.06
6.09%$3.91
0.12%$43.77
-0.42%$0.194248
5.52%$2.13
6.74%$4.23
12.24%$0.997614
-0.02%$0.998275
-0.02%$2.12
-2.43%$0.240336
6.33%$0.195579
11.88%$0.517285
4.55%$0.74205
4.65%$21.21
10.53%$0.01043722
8.23%$1.11
-0.82%$0.01759973
0.68%$2,701.99
9.51%$2,701.50
9.49%$3.59
16.86%$0.722167
9.04%$8.78
11.91%$0.738726
7.58%$2,870.76
9.38%$0.226024
3.91%$0.569229
2.76%$2,763.97
8.78%$111.04
0.01%$0.00585501
-0.85%$103,833.00
1.24%$7.42
3.65%$0.103355
7.36%$0.112445
11.27%$1.87
20.36%$0.00975439
12.21%$0.47005
1.19%$0.00002536
3.33%$0.769072
11.24%$0.200955
3.98%$0.999076
0.06%$1.00
0.01%$103,626.00
1.27%$4.07
5.04%$0.050577
7.02%$2,702.85
9.51%$1.59
21.88%$0.066061
-0.23%$1.93
7.21%$1.00
0.01%$1.74
10.56%$2,704.30
9.77%$101,379.00
1.84%$1.79
4.07%$48.79
5.99%$0.435525
8.22%$0.00000044
1.16%$0.00000112
5.27%$0.450032
6.38%$0.04709954
11.42%$0.262665
5.01%$0.373064
7.13%$0.155961
-3.31%$1.087
0.02%$1.002
0.39%$103,267.00
1.29%$0.426245
5.64%$0.88936
8.21%$0.00581841
3.41%$1.45
40.67%$0.19867
4.37%$0.397954
9.64%$0.00007159
6.57%$2,859.29
9.42%$0.00456951
4.23%$0.00380861
7.14%$146.85
8.16%$0.01968061
0.73%$0.997412
-0.24%$0.03800439
0.80%$0.900603
4.57%$1.00
0.02%$22.42
0.60%$33.60
-1.24%$2,972.00
9.50%$0.29794
5.63%$3.23
8.18%$0.00351347
21.65%$2,943.54
9.53%$1.00
-0.05%$0.00000173
1.43%$0.00392906
4.30%$21.17
-0.91%$25.85
6.40%$0.248568
8.18%$4.06
4.50%$2,704.51
9.58%$25.77
7.06%$0.748787
2.47%$103,964.00
1.43%$0.00078867
-4.84%$0.570262
4.55%$0.00
16.20%$2,911.97
9.33%$1.00
0.01%$2,696.67
9.73%$0.790196
14.80%$0.940246
9.50%$25.93
6.78%$1.001
0.11%$0.99996
-0.02%$1.10
0.08%$0.608874
4.32%$0.129087
7.21%$0.302526
18.18%$0.297691
3.51%Reading
The Grayscale Bitcoin Trust (GBTC) closed the previous week with a record discount of 21.36%, data from Glassnode shows.
This means that new investors can purchase GBTC shares at prices significantly lower than the actual market value of Bitcoin, while the existing holders face losses due to the six-month lock-up period for the initial investment.
According to Grayscale, the price of GBTC shares fell by 3.46% last Friday, recording a $43.77 price tag per share.
However, with each GBTC share currently amounting to 0.00093202 BTC, the stock’s actual price was $34.42 in Bitcoin, down 5.21% from the previous trading session.
The discrepancy between these two price changes further reveals the effects of the discount.
GBTC is a closed-end fund, which means it cannot easily add or remove shares to accommodate inflows and outflows. As a result, its share price is determined predominantly by supply and demand, rather than the underlying value of its assets, as would be the case with a traditional ETF.
Launched in 2013, the Grayscale Bitcoin Trust is the most popular product of digital asset manager Grayscale Investments, allowing investors to trade shares in trusts holding large pools of Bitcoin. Currently, GBTC holds over $30 billion in assets under management.
Historically, GBTC shares have traded at a significant premium relative to the market price of Bitcoin, however, the price of the stock turned negative at the end of February this year following the launch of several Bitcoin exchange-traded funds (ETFs) in Canada.
Grayscale believes that the best way to reverse the current discount is to convert GBTC into a full-fledged Bitcoin ETF, arguing that a spot Bitcoin ETF would be “in the best interest of investors.”
We believe converting $GBTC into a #Bitcoin Spot ETF is in the best interests of investors. As we work towards this goal, read about some of the legal and regulatory matters at hand: https://t.co/SnrzbYPB8z
— Grayscale (@Grayscale) December 16, 2021
The firm filed a formal application with the U.S. Securities and Exchange Commission (SEC) to convert GBTC into an exchange-traded fund backed by physical Bitcoin in October.
Yet last week, the SEC, which has so far rejected all attempts at launching such a product in the U.S. market, delayed a decision on both the GBTC and Bitwise Bitcoin ETF. Per the Commission, it needs another 45 days to review the corresponding proposals.
If all you want for Christmas is a spot market Bitcoin ETF, time is running out. The U.S. Securities and Exchange Commission this week delayed decisions on two Bitcoin exchange-traded fund proposals, one each from asset management groups Bitwise and Grayscale. SEC commissioners now have another 45 days to review the Bitwise Bitcoin ETP Trust and Grayscale Bitcoin Trust proposals and approve or deny them. A third option is to delay the decision again. ETFs are investments that trade like stocks...
Prior to that, the SEC rejected another application for a Bitcoin ETF, filed by New York-based ETF issuer WisdomTree.
Despite the setbacks, demand for an exchange-traded fund by actual Bitcoin remains something that major U.S. exchange Coinbase confirmed last week when it publicly endorsed plans for GBTC’s conversion into a Bitcoin ETF.
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